I received a short sale approval from Bank of America this morning on a home that I have for sale in Monroe, WA on Chain Lake Road. The Short Sale approval came in just record time, as it took me 32 days to receive the approval. The home had two loans, and both were with Bank of America. Search for other Short Sales for sale in Monroe and surrounding areas.
Another Monroe SHORT SALE APPROVED
19832 143rd ST SE, Monroe, WA 98272
Approved in 32 days with Bank of America
When I took the listing I educated my home sellers as to what to expect when selling their home as a Short Sale, for example; timeline, possible price counter, and bank conditions. I also advised them to seek legal council and see a CPA to understand their rights and possbile tax implications.
When I called the homeowner about the short sale approval this morning, they were blown away, as to how short the process took, the favorable terms that the Bank set, and how painless it was for them.
***side note: the homeowner tried selling their home as a Short Sale late 2011 and all this year with no success after two failed attempts.*** Then... I come in and get the job done.
Here is how the Short Sale came in:
- Approved sales price: $230,000
- Buyer paid closing costs: 3%
- Seller forgiven past mortgage payments, fees, attorney charges: $65,000
- Deficiency: all forgiven / credit report to read "Settled for less than the balance owed"
- Seller will NOT provide a CASH CONTRIBUTION or SIGN A NOTE
- Bank will release all liens to the property
I have a 100% success rate in closing Short Sales and I'm very selective as to who I work with when it comes to selling their home as a Short Sale.
***70% of Short Sales will not close due to various reasons like:
- Home is under priced
- Seller doesnt have a true hardship
- Banks NET proceeds are not met
- Buyer doesnt want to wait 4-6 months for the Short Sale to get approved (they want it now)
- The real estate agent, or attorney dont have any experience in closing Short Sales
- The mortgage lien was sold to another institution
- Home is headed to auction (being foreclosed)
- Buyer cannot get financing, so house goes back on the market
- Homeowner does a strategic default and gets denied
- Financial documents that the Seller has to provide are outdated
If you're falling behind on your mortgage payments and think that you dont have options, think again. Give me a call or drop me a line for a FREE evaluation of your possible SHORT SALE situation.